Varian Medical Systems Reports Third Quarter Growth In Earnings, Sales, Net Orders, And Backlog For Fiscal 2003 | Varian

Varian Medical Systems Reports Third Quarter Growth In Earnings, Sales, Net Orders, And Backlog For Fiscal 2003

Palo Alto, Calif. - July 24, 2003 - Varian Medical Systems (NYSE:VAR)today reported net earnings of $32 million ($0.45 per diluted share) for the
third quarter of fiscal 2003 versus net earnings of $23 million ($0.32 per
diluted share) in the year-ago quarter.  Sales for the quarter totaled
$265 million, up 23 percent from the same period of the last fiscal
year.  Net orders for the quarter were $285 million, up 14 percent from
the prior-year period.  At quarter's end, the backlog for the company
stood at $789 million, up 18 percent from the same time last year.

"The company is reporting another outstanding quarter as we continued to grow
all of our businesses at a healthy pace," said Richard M. Levy, chairman and
CEO of Varian Medical Systems.  "Sales grew in double digits across all
business segments and there was promising progress during the quarter among
our emerging product lines, including our security and inspection and
brachytherapy systems. 

"For four consecutive quarters, we have grown net earnings by more than
40 percent from the prior-year quarter and generated more than $40 million in
operating cash flow.  Meanwhile, we continued to strengthen our balance
sheet, ending the third quarter with $373 million in cash and marketable
securities," said Levy.   Please click here
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